Olga Zykova: EIB loan portfolio in Ukraine reaches €4.7 billion and 27 active projects
The Ministry of Finance of Ukraine and the European Investment Bank (EIB) held their annual review of the joint loan portfolio.
The event took place on October 3 in Kyiv, co-chaired by Deputy Minister of Finance Olga Zykova and Head of the EIB Representation in Ukraine Kristina Mikulova, with the participation of delegates from the European Commission and the EU Delegation to Ukraine.
The review also brought together representatives of government institutions - implementing agencies and project beneficiaries - including Ministry of Energy of Ukraine, Ministry of Education and Science of Ukraine, Ministry of Internal Affairs of Ukraine, Ministry for Development of Communities and Territories of Ukraine; the State Agency for Restoration and Infrastructure Development; NPC “Ukrenergo”; PJSC “Ukrhydroenergo”; JSC “Ukrzaliznytsia”; JSC “Ukrposhta”; a number of state-owned banks, and others.
The EIB’s project portfolio in Ukraine is among the largest of all international financial institutions, comprising 27 active projects totaling EUR 4.7 billion. These projects are primarily focused on restoring transport and social infrastructure, enhancing energy efficiency, modernizing energy and critical infrastructure, and developing public transport.
During the review, the parties discussed amendments to several ongoing EIB projects in Ukraine, which will enable the disbursement of more than EUR 95 million in the coming months for the purchase of public transport rolling stock, modernization of water supply and wastewater utilities, urban lighting systems, and waste management infrastructure. The funds will also support the reconstruction of social facilities - schools, kindergartens, hospitals, energy-efficient renovation of public buildings and higher education institutions, and co-financing of cross-border railway projects.
Particular attention was given to the planned use of EIB loan resources under ongoing projects in 2026 to effectively implement the investment component of the Pillar II Ukraine Facility.
Olga Zykova expressed gratitude to the European Investment Bank for its unwavering support and solidarity with Ukraine since the beginning of the full-scale war. Since February 2022, the EIB has mobilized over EUR 2 billion in emergency financing to meet Ukraine’s urgent needs. These resources have played a critical role in stabilizing the Ukrainian economy and laid a solid foundation for future recovery.
“The loan portfolio review is extremely important for implementing the new European Commission guarantee instrument for Ukraine - the Pillar II Ukraine Facility. This mechanism allows the use of EU guarantees for EIB operations in Ukraine not only for existing projects where the state acts as the borrower, but also to finance key public sector enterprises without sovereign guarantees. It creates opportunities for Ukraine and its European partners to effectively respond to new challenges,” said Deputy Minister of Finance Olga Zykova.
Ukraine and the EIB have already launched an innovative approach to financing state-owned companies without sovereign guarantees. The signing of agreements with PJSC “Ukrhydroenergo” and NJSC “Naftogaz of Ukraine” totaling EUR 420 million, backed by European Commission guarantees, marked a historic milestone that proved both timely and effective.
Olga Zykova expressed hope that the EIB would continue expanding financing without government guarantees under the Ukraine Facility mechanism.
Summing up the review, the Deputy Minister emphasized that the Ukrainian team, together with the EIB, should now focus on accelerating project implementation and disbursement, effectively structuring new initiatives, demonstrating portfolio performance, and deepening future cooperation. At the same time, it is crucial to strengthen the use of grant funding to avoid additional pressure on the State Budget.
The parties also discussed the potential attraction of new EIB financing amounting to EUR 2.1 billion starting from 2026-2027. The lending will focus on sectors critical for Ukraine’s recovery: transport and logistics, energy, social infrastructure, and housing and utilities.
In 2025 alone, Ukraine and the EIB signed a series of loan agreements in the areas of digital infrastructure development, road construction, and social and critical infrastructure recovery, totaling EUR 374 million. These agreements are now at the stage of ratification and preparation for implementation.